FT. MYERS, FL—NeoGenomics Inc. (OTCBB: NGNM) , a of cancer genetics testing company, says a group of investors has purchased $4 million of common stock from NeoGenomics in a private transaction.

The transaction was priced at $1.50 per share and resulted in 2.67 million shares of new common stock being issued.

The company used $1.7 million of the proceeds to pay off all of its existing short-term indebtedness. After payment of fees and expenses, the remaining approximately $2 million will be held in cash reserve for general corporate purposes.

NeoGenomics also announced that it has entered into a term sheet for a $4 million Credit Facility with Wachovia Bank. The Credit Facility will be comprised of two parts; a $2 million working capital facility based on eligible accounts receivable and a $2 million capital expenditures facility.

The company is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company’s testing services include cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry, morphology studies, anatomic pathology and molecular genetic testing.

Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, hospitals and other reference laboratories throughout the United States.

For more see:www.neogenomics.com

Southeast Venture Conference, February 29 – March 1, 2012 at the Ritz Carlton in Tysons Corner, VA – Where Smart Money Meets Smart People.
www.seventure.org

© 2007, TechJournal South. All rights reserved.